Digerati Technologies, Inc., a provider of cloud services specializing in UCaaS Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to provide an update to its previously announced definitive agreement to acquire Miami-based Nexogy, Inc. (“Nexogy”), a leading provider of cloud communication and broadband solutions tailored for businesses.
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The Company and Nexogy have extended the outside date for closing the transaction to September 15, 2020. As previously announced, the Company has negotiated and executed a long-form term sheet with principal terms on a $20 Million senior secured multi-draw credit facility that will be used to fund the Company’s acquisition of Nexogy, as well as the fourth acquisition under Letter of Intent, and for working capital. Since entering into the principal term agreement with its lender, the Company’s management team has been diligent in working with all parties to complete the audit, legal, and regulatory deliverables required to close the multiple transactions concurrently. In July, the Company filed its assignment of assets and change in control application with the Federal Communications Commission on its fourth acquisition.
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As previously announced, the combined business (T3 Communications, Nexogy and fourth (4th) acquisition) will serve over 2,600 business customers and approximately 28,000 users while generating over $14 Million in annual revenue with improved EBITDA resulting from cost synergies and consolidation savings. In addition to funding the Company’s next series of acquisitions, the delayed draw portion of the financing facility up to the $20 Million will be available to fund future acquisitions that management anticipates will streamline the acquisition process on select targets in its pipeline.
Arthur L. Smith, Chief Executive Officer of Digerati, commented, “I commend our team for staying on task and the continued progress as we work towards closing, not one, but two acquisitions simultaneously to closing a financing transaction that is a significant funding milestone for the Company. We look forward to providing further updates as we approach the final stretch on completing these transactions.”
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